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18 May 2022
Gold Price Forecast: XAUUSD looking to retest $1,800
Gold Price is extending the previous decline. XAU/USD eyes a retest of multi-month lows below $1,800, FXStreet’s Dhwani Mehta reports.
The path of least resistance appears to the downside
“The immediate support is now seen at the $1,800 mark, below which the multi-month lows of $1,787 will be probed. The last line of defense for gold buyers is seen at the 2022 lows of $1,780, reached on January 28.”
“Any recovery attempt will eye a sustained break above the falling trendline resistance at $1,821. Gold bulls will then look to challenge the 200-DMA at $1,836 once again. Recapturing the latter on a daily closing basis is critical to initiate any meaningful recovery.”